In the dynamic landscape of small business operations, every decision holds a significant impact. One such decision, often overlooked but inherently valuable, is the choice of fuel management and fuel cards. In this guide, we delve into the realm of fuel cards for small businesses, illuminating the various benefits they offer.
Benefits of Fuel Cards for Small Business
Fuel cards offer efficient expense management and many other advantages for small businesses. As opposed to traditional payment methods, they move past the act of refuelling and instead work towards operational excellence. Picture this: streamlined transactions, enhanced control over expenses, and a seamless administrative process.
Streamlined transactions and reduced administration: Fuel cards streamline the transaction process, eliminating the need for tedious paperwork and manual reconciliation. Every refuelling becomes a smooth, cashless transaction that feeds directly into your expense management system. This not only saves time but also minimizes the chances of errors and fraud.
Real-time expense tracking and reporting: Fuel cards provide real-time data on fuel expenditures, empowering you to keep a vigilant eye on costs; after all, information is power. Usage reports offer insights into consumption patterns, enabling you to make informed decisions about route optimisation and resource allocation.
Cost control and savings: Fuel cards provide a means to exercise control over fuel-related expenses. With customisable spending limits and transaction restrictions, you can ensure that your budgetary boundaries are never breached.
Tax efficiency and compliance: Fuel cards simplify tax reporting. They provide clear and detailed records of fuel-related expenses, which not only aid in accurate tax calculations but also ensure compliance with tax regulations.
Convenience and accessibility: Fuel cards grant access to petrol stations across the country, offering access to a vast network of fuel stations, often including major brands. This accessibility is a bonus, especially for businesses with mobile operations or those requiring frequent travel. No matter where your business takes you, fuel is never a concern.
Use NWF Fuel Cards at service stations across the country
Best Fuel Cards for Small Business UK
Navigating the realm of fuel cards can be daunting, especially with numerous options vying for attention.
When considering the best fuel cards for small businesses in the UK, NWF Fuels stands head and shoulders above the competition.
Network accessibility: The NWF Fuel Card opens the doors to an extensive network of fuel stations across the UK. Convenience and accessibility are no longer mere buzzwords; they’re integral components of your business journey. You’ll have access to one of the biggest commercial rate networks in the UK which has over 3000 sites and 600 24/7 service stations.
Tailored solutions: At NWF Fuels, we offer a range of fuel card types to cater to every business and its specific needs. For example, the Standard Fuel Card is perfect for small businesses seeking convenience and control over fuel expenses.
Full transparency: A VAT-approved invoice will be issued weekly showing you how much fuel you have drawn together including a detailed transaction report which includes the volume, time, date and site information.
Low cost: At NWF Fuels, we are one of the few companies in the UK that are flexible enough to offer fuel cards free of charge, with no annual or monthly card fees, compulsory insurance or non-usage fees.
Small Business Fuel Cards FAQs
Are fuel cards worth it for small businesses?
Absolutely. The benefits of fuel cards extend beyond convenience; they pave the way for substantial savings and improved operational efficiency. For small businesses, where every resource matters, fuel cards are a strategic asset.
What are the benefits of a company fuel card?
A company fuel card isn’t just a transactional tool; it’s a gateway to cost management, streamlined operations and informed decision-making. It empowers businesses with comprehensive insights into fuel consumption patterns, leading to optimised resource allocation.
How much tax do you pay on a fuel card?
In the UK, a fuel card is not a taxable benefit when only used for business mileage. However, if you use it for personal travel, you’ll need to calculate the taxable value and pay accordingly.
Are fuel cards cheaper than pump prices?
Fuel cards often offer cost savings compared to pump prices. Enjoy competitive pricing and cost savings of around 2 to 3 pence per litre, or more, depending on your fuel card.
What are the tax implications of having a fuel card?
If your fuel card is only used for business purposes, it is not classed as a taxable benefit, and you won’t have to pay tax on a fuel card. This only changes if the fuel card is used for personal use.
Apply now for your NWF Fuels fuel card
Whether you would like to sign up for a fuels card or would like further information; visit our fuel cards page for more information or contact our friendly and professional team today – they’ll be delighted to help.